Historical evidence shows that over the last few decades a larger proportion of firms have used ________ for payouts.

Question

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Multiple studies have found that the use of stock repurchases for payouts has increased significantly over the last few decades. A study by S&P Dow Jones Indices found that the proportion of S&P 500 companies that used share repurchases as a form of payout increased from 22.6% in 1998 to 82.4% in 2018. This trend has been attributed to a variety of factors, including the availability of cheap debt financing and pressure from activist investors to increase shareholder returns.

Historical Evidence Shows That Over the Last Few Decades a Larger